B.com Income Tax Important Objective Question
B.COM Taxation Important Objective Question Answer
Income Tax :- Introduction and Important Objective [MCQ] Question
1. When Income tax was levied in India first time ?
a. in 1860
b. in 1886
c. in 1918
d. in 1961
2. Income – Tax is: a.
a direct tax
b. an indirect tax
c. business tax
d. none of these
3. Rate of Income Tax is fixed under:
a. The Income Tax act
b. The Finance Act
c. An Ordinance
d. Notification of C.B.D.T.
4. How many heads of income are there to compute Gross Total Income of an assessee?
a. Three
b. Four
c. Five
d. Six
5. The Present Income Tax Act is known as:
a. Income Tax Act,1922
b. Income Tax Act,1886
c. Income Tax Rule, 1962
d. Income Tax Act, 1961
6. The period of 12 months commencing on 1 st day of April every year is known as:
a. The Previous Year
b. The Accounting Year
c. The Assessment Year
d. The Financial Year
7. The definition of income is:
a. inclusive
b. exhaustive
c. complex
d. simple
8. Income Tax Act was passed in:
a. 1961
b. 1971
c. 1981
d. 1951
9. The term previous year means:
a. The Financial Year
b. Calendar Year
c. Accounting Year
d. The Financial year before the assessment year
10. Income Tax is computed on:
a. Capital
b. Fixed Assets
c. Income
d. Business Gains
11. The period of assessment year is:
a. 1 st Jan to 31st Dec
b. 1 st Apr to 31st March
c. 1 st Apr to 31st Dec
d. 1 st July to 30th June
12. Income Tax is levied on those individuals:
a. Whose income is less than the exempted limit in any the previous year.
b. Whose income is more than the exempted limit in any the previous year.
c. Whose income is up to ` 2,45,000 in any the previous year.
d. Whose income is up to ` 2,50,000 in any the previous year.
13. Income tax was levied in India first time by the following:
a. Sir James Wilson
b. Sir James
c. Sir Newton
d. Sir Lucas Paciolo
14. Exemption limit for the Assessment Year 2020-21 for a non-resident individual is:
a. ` 1,50,000
b. ` 1,60,000
c. ` 2,50,000
d. ` 2,20,000
15. Exemption limit for the Assessment Year 2020-21 for a super old citizen resident of India is:
a. ` 2,50,000
b. ` 3,00,000
c. ` 4,00,000
d. ` 5,00,000
16. Exemption limit for the Assessment Year 2020-21 for a woman (resident in India and who is of the age of 60 years or more but less than 80 years) is:
a. 1,90,000
b. ` 2,40,000
c. ` 3,00,000
d. ` 3,50,000
17. Income Tax department works under:
a. Central Government
b. State Government
c. Central Board of Direct Taxes
d. Chief Commissioner of I.T.
18. Under the Income Tax Act ‘Person’ means:
a. Hindu undivided family
b. Company
c. Local Authority
d. All of these
19. Sum of various heads of income is called:
a. Gross total income
b. Total income
c. Taxable Income
d. Aggregate income
20. A old person shall be that individual for purpose of Income Tax whose age is more than the following:
a. 60 years
b. 65 years
c. 80 years
d. none of these
21. The previous year always ends on:
a. 31st March
b. 30th April
c. 30th June
d. 31st Dec
22. What would be the Assessment Year of the Financial Year 2019-20:
a. 2018-19
b. 2019-20
c. 2020-21
d. none of these
23. An Individual is liable to pay a surcharge for the Assessment Year 2020- 21:
a. 12% of tax payable
b. 12% tax payable if total income exceeds ` 10 lakhs
c. 12% of tax payable if total income exceeds ` 50 lakhs
d. 10% of tax payable if total income exceeds ` 50 lakhs does not exceed ` 1 Crore or 15% of tax payable if total income exceeds ` 1 Crore but does not exceed ` 2 Crores. income tax objective question
[Ans.1.(a), 2.(a), 3.(b), 4.(c), 5.(d), 6.(c), 7.(a), 8.(a), 9.(d), 10.(c), 11.(b), 12. (b), 13.(a), 14. (c), 15.(d), 16. (c), 17. (c), 18. (d), 19. (a), 20. (c), 21. (a), 22.(c), 23.(d).] income tax objective question
